La collecte de la taxe d'apprentissage : mission d'audit de modernisation

-

Documents
132 pages
Obtenez un accès à la bibliothèque pour le consulter en ligne
En savoir plus

Description

Le présent rapport fait partie de la première vague d'audits de modernisation lancés en octobre 2005 dans le cadre de la loi organique relative aux lois de finances (LOLF) qui introduit une démarche de performance, visant à faire passer l'Etat d'une logique de moyens à une logique de résultats. Les audits sont réalisés sous la co-maîtrise d'ouvrage du ministère intéressé (qui s'appuie sur le secrétaire général et ses équipes de modernisation) et du ministère chargé du budget et de la réforme de l'Etat (qui s'appuie notamment sur la direction générale de la modernisation de l'Etat).

Sujets

Informations

Publié par
Publié le 01 décembre 2005
Nombre de visites sur la page 12
Langue Français
Signaler un problème
,QVSHFWLRQ JpQpUDOH GHV ILQDQFHV
1ƒ 0
 
 
,QVSHFWLRQ JpQpUDOH GHV DIIDLUHV VRFLDOHV
1ƒ 
0LVVLRQ G DXGLW GH PRGHUQLVDWLRQ
5DSSRUW
VXU OD FROOHFWH GH OD WD[H G DSSUHQWLVVDJH
$UQDXG *(6/,1 ,QVSHFWHXU GHV )LQDQFHV 
-HDQ%DSWLVWH 1,&2/$6 ,QVSHFWHXU GHV )LQDQFHV 
VRXV OD VXSHUYLVLRQ GH
'DQLqOH /$-280$5' ,QVSHFWULFH JpQpUDOH GHV )LQDQFHV
(WDEOL SDU
 
&KULVWLDQ /(12,5 ,QVSHFWHXU GHV $IIDLUHV VRFLDOHV
$JDWKH '(1(&+(5( ,QVSHFWHXU GHV $IIDLUHV VRFLDOHV 
 'pFHPEUH  
 
 
35(0,(5( 3$57,(   2EVHUYDWLRQV GHV PHPEUHV GH OD PLVVLRQ
 
 3DJH  
6<17+(6(
'DQV OH FDGUH GHV DXGLWV GH PRGHUQLVDWLRQ OH PLQLVWUH GH O¶HPSORL GH OD FRKpVLRQ VRFLDOH HW GX ORJHPHQW OH PLQLVWUH GH O¶pFRQRPLH GHV ILQDQFHV HW GH O¶LQGXVWULH OH PLQLVWUH GpOpJXp DX EXGJHW HW j OD UpIRUPH GH O¶eWDW RQW FRQILp j O¶,QVSHFWLRQ JpQpUDOH GHV )LQDQFHV HW j O¶,QVSHFWLRQ JpQpUDOH GHV DIIDLUHV VRFLDOHV XQH PLVVLRQ VXU OD FROOHFWH GH OD WD[H G¶DSSUHQWLVVDJH HW GH OD FRQWULEXWLRQ DX GpYHORSSHPHQW GH O¶DSSUHQWLVVDJH &HWWH PLVVLRQ V¶HVW GpURXOpH GX  RFWREUH DX  GpFHPEUH   /D WD[H G¶DSSUHQWLVVDJH HW OD FRQWULEXWLRQ DX GpYHORSSHPHQW GH O¶DSSUHQWLVVDJH VRQW DVVLVHV VXU OD PDVVH VDODULDOH GHV HQWUHSULVHV DX VHQV GH OD VpFXULWp VRFLDOH /HV PpFDQLVPHV GH GpFODUDWLRQ HW GH FROOHFWH GH OD WD[H VH UpYqOHQW G¶XQH SDUWLFXOLqUH FRPSOH[LWp /D WD[H HW OD FRQWULEXWLRQ VRQW HQ SULQFLSH SHUoXHV SDU OHV VHUYLFHV ILVFDX[ &HSHQGDQW OHV HQWUHSULVHV SHXYHQW UpGXLUH OH PRQWDQW H[LJLEOH GH OD WD[H G¶DSSUHQWLVVDJH GHV GpSHQVHV OLEpUDWRLUHV TX¶HOOHV RQW HIIHFWXpHV DX EpQpILFH GH O¶DSSUHQWLVVDJH /HV HQWUHSULVHV GpFODUHQW GRQF DXSUqV GHV VHUYLFHV ILVFDX[ OH PRQWDQW GH OD WD[H HW GH OD FRQWULEXWLRQ HW GHPDQGHQW j rWUH H[RQpUpHV GH OD WD[H DX YX GHV GpSHQVHV OLEpUDWRLUHV HIIHFWXpHV /HV GpSHQVHV OLEpUDWRLUHV TXL UHSUpVHQWHQW SOXV GH  GH OD WD[H WUDQVLWHQW SRXU O¶HVVHQWLHO SDU GHV RUJDQLVPHV FROOHFWHXUV GH OD WD[H G¶DSSUHQWLVVDJH 2&7$ TXL OHV UHYHUVHQW DX[ EpQpILFLDLUHV XOWLPHV /HV 2&7$ UHYHUVHQW pJDOHPHQW j OD '*, OD FRQWULEXWLRQ DX GpYHORSSHPHQW GH O¶DSSUHQWLVVDJH HW OD IUDFWLRQ GH SpUpTXDWLRQ GH OD WD[H G¶DSSUHQWLVVDJH TXL VRQW GHVWLQpHV UHVSHFWLYHPHQW DX[ UpJLRQV HW DX IRQGV QDWLRQDO GH GpYHORSSHPHQW HW GH PRGHUQLVDWLRQ GH O¶DSSUHQWLVVDJH )1'0$   6HORQ OHV GRQQpHV GLVSRQLEOHV DXSUqV GH OD GLUHFWLRQ JpQpUDOH GHV LPS{WV DX  MXLOOHW  OH SURGXLW GH OD FRQWULEXWLRQ DX GpYHORSSHPHQW GH O¶DSSUHQWLVVDJH &'$ pWDLW LQIpULHXU GH  DX[ SUpYLVLRQV /HV LQYHVWLJDWLRQV GH OD PLVVLRQ RQW SHUPLV G¶pWDEOLU TXH OH PRQWDQW UpHOOHPHQW FROOHFWp pWDLW GH O¶RUGUH GH  PLOOLRQV G¶HXURV FH TXL HVW ILQDOHPHQW FRQIRUPH DX[ SUpYLVLRQV GH OD ORL GH ILQDQFHV HW TXH OHV UHFHWWHV GHV LPS{WV DYDLHQW HQ IDLW PDO HQFRGp OHV YHUVHPHQWV PLQRUDQW DLQVL OH SURGXLW GH OD &'$ FI DQQH[H    3OXV JpQpUDOHPHQW OD PLVVLRQ D SURFpGp j O¶H[DPHQ FRPSOHW GH OD SURFpGXUH GH GpFODUDWLRQ HW GH FROOHFWH GHV LPSRVLWLRQV GHVWLQpHV DX ILQDQFHPHQW GH O¶DSSUHQWLVVDJH /HV GLVSRVLWLIV GH GpFODUDWLRQ HW GH FROOHFWH GH OD WD[H G¶DSSUHQWLVVDJH RQW YRFDWLRQ j DVVXUHU XQ ILQDQFHPHQW HIIHFWLI HW j PRLQGUH FR€W GHV VWUXFWXUHV G¶DSSUHQWLVVDJH pOLJLEOHV ¬ FHW HIIHW OHV SURSRVLWLRQV GH OD PLVVLRQ YLVHQW j   $//(*(5 /(6 2%/,*$7,216 '(6 (175(35,6(6  ([RQpUHUD SULRULGpSHQVHV OLEpUDWRLUHV HQ VXSSULPDQW OD GHPDQGH SUpDODEOH G¶H[RQpUDWLRQOHV  'DQV OH FDGUH GHV RUGRQQDQFHV GH VLPSOLILFDWLRQ LO HVW SUpYX TXH OHV GpSHQVHV OLEpUDWRLUHV GHYLHQQHQW H[RQpUDWRLUHVD SULRUL VDQV H[DPHQ SUpDODEOH SDU OHV FRPLWpV GpSDUWHPHQWDX[ GH OD IRUPDWLRQ SURIHVVLRQQHOOH  7UDQVIpUHU OD GpFODUDWLRQ HW OH FRQWU{OH G¶DVVLHWWH GH OD WD[H DX[ RUJDQLVPHV GH UHFRXYUHPHQW VRFLDX[  /D PLVVLRQ VXJJqUH GH SRXUVXLYUH OD VLPSOLILFDWLRQ GX GLVSRVLWLI GpFODUDWLI HQ WUDQVIpUDQW OD GpFODUDWLRQ HW OH FRQWU{OH GH O¶DVVLHWWH DX[ RUJDQLVPHV GH UHFRXYUHPHQW VRFLDX[ (Q HIIHW OD EDVH GH OD WD[H G¶DSSUHQWLVVDJH HVW OD PDVVH VDODULDOH DX VHQV GH OD VpFXULWp VRFLDOH /D GpFODUDWLRQ GH WD[H G¶DSSUHQWLVVDJH VHUDLW GRQF LQFOXVH j OD GpFODUDWLRQ DQQXHOOH GHV GRQQpHV VRFLDOHV '$'6  &HOD FRQGXLUDLW j UpGXLUH OH QRPEUH HW OD FRPSOH[LWp GHV GRFXPHQWV GpFODUDWLIV TXH GRLYHQW UHPSOLU OHV HQWUHSULVHV /HV FRQWU{OHV G¶DVVLHWWH VHUDLHQW SDUDOOqOHPHQW WUDQVIpUpV DX[ RUJDQLVPHV VRFLDX[ GH UHFRXYUHPHQW TXL GLVSRVHQW HQ OD PDWLqUH G¶XQH H[SHUWLVH ELHQ pWDEOLH
 
 3DJH  
 6,03/,),(5 /$ &2//(&7(  ,QWURGXLUH XQ VHXLO G¶H[LJLELOLWp  /D PLVVLRQ SURSRVH G¶LQVWLWXHU XQ VHXLO G¶H[LJLELOLWp GH OD WD[H G¶DSSUHQWLVVDJH FRPPH FHOD H[LVWH SRXU G¶DXWUHV LPS{WV DILQ G¶pYLWHU OD PXOWLSOLFDWLRQ GH YHUVHPHQWV GH TXHOTXHV HXURV FR€WHX[ HQ IUDLV GH JHVWLRQ SRXU OHV HQWUHSULVHV HW O¶DGPLQLVWUDWLRQ /D PLVVLRQ VXJJqUH GH IL[HU OH VHXLO j  HXURV  5DWLRQDOLVHU OH FLUFXLW GH FROOHFWH  'DQV OH V\VWqPH DFWXHO OHV HQWUHSULVHV RQW OD SRVVLELOLWp G¶HIIHFWXHU GHV YHUVHPHQWV GLUHFWV DX[ VHUYLFHV ILVFDX[ HW GH FKRLVLU SOXVLHXUV FROOHFWHXUV 8QH SUHPLqUH RSWLRQ FRQVLVWHUDLW j VXSSULPHU WRXWH LQWHUPpGLDWLRQ GH OD FROOHFWH  OHV HQWUHSULVHV YHUVHUDLHQW GLUHFWHPHQW OHV GpSHQVHV OLEpUDWRLUHV DX[ EpQpILFLDLUHV OH VROGH HQWUH OH PRQWDQW GH OD WD[H HW OHV GpSHQVHV OLEpUDWRLUHV pWDQW YHUVp DX )1'0$ &HWWH SURSRVLWLRQ UDFFRXUFLUDLW OHV GpODLV GH YHUVHPHQW DX[ EpQpILFLDLUHV VXSSULPHUDLW GHV IRUPDOLWpV DGPLQLVWUDWLYHV HW DXJPHQWHUDLW OHV VRPPHV FRQVDFUpHV j O¶DSSUHQWLVVDJH HQ VXSSULPDQW OHV IUDLV GH FROOHFWH SHUoXV SDU OHV 2&7$ HW OD '*, 6L FHWWH RSWLRQ IDYRULVDQW OHV UHODWLRQV GLUHFWHV HQWUH OHV HQWUHSULVHV HW OHV EpQpILFLDLUHV Q¶pWDLW SDV UHWHQXH OD PLVVLRQ VXJJqUH GH SDVVHU j XQH ORJLTXH GH JXLFKHW XQLTXH  FKDTXH HQWUHSULVH FKRLVLUDLW OLEUHPHQW XQ VHXO FROOHFWHXU DXTXHO HOOH YHUVHUDLW O¶LQWpJUDOLWp GH OD WD[H HW GH OD FRQWULEXWLRQ DX GpYHORSSHPHQW j O¶DSSUHQWLVVDJH &HWWH SURSRVLWLRQ TXL FRUUHVSRQG G¶RUHV HW GpMj j OD SUDWLTXH UHWHQXH SDU OD SOXSDUW GHV HQWUHSULVHV QH PRGLILHUDLW SDV O¶DIIHFWDWLRQ GH OD WD[H TXL FRQWLQXHUDLW G¶rWUH GpFLGpH SDU O¶HQWUHSULVH (OOH UDSSURFKHUDLW OH V\VWqPH GH FROOHFWH GH OD WD[H G¶DSSUHQWLVVDJH GH FHOXLGH OD IRUPDWLRQ SURIHVVLRQQHOOH TXL LPSRVH OH UHFRXUV j XQ VHXO FROOHFWHXU  PDLV HQ OD OLEHUWp GH FKRL[ GX FROOHFWHXU /D PLVVLRQ SURSRVH HQILQ G¶LQVFULUH GDQV OHV WH[WHV O¶REOLJDWLRQ SRXU OHV FROOHFWHXUV GH YpULILHU OD FRQIRUPLWp GHV YHUVHPHQWV GHV HQWUHSULVHV DYHF OD OpJLVODWLRQ FRQWU{OH GH OD OLTXLGDWLRQ UHVSHFW GHV UqJOHV GH UpSDUWLWLRQ  FH TXH IRQW G¶DLOOHXUV GpMj FHUWDLQV G¶HQWUH HX[  $FFpOpUHU OHV UHYHUVHPHQWV DX[ EpQpILFLDLUHV  7RXW G¶DERUG LO FRQYLHQGUDLW G¶pWDEOLU XQ IRUPXODLUH XQLTXH GH YHUVHPHQW DX[ 2&7$  DFWXHOOHPHQW FKDTXH 2&7$ GLVSRVH GH VRQ SURSUH IRUPXODLUH FHUWDLQV IRUPXODLUHV SUpVHQWDQW GHV LQH[DFWLWXGHV RX QH SHUPHWWDQW SDV G¶LGHQWLILHU FODLUHPHQW OHV SRVVLELOLWpV G¶DIIHFWDWLRQ GHV IRQGV SDU OHV HQWUHSULVHV 3DU DLOOHXUV OD TXDOLWp GH OD OLVWH GHV pWDEOLVVHPHQWV pOLJLEOHV j OD WD[H G¶DSSUHQWLVVDJH HVW QHWWHPHQW SHUIHFWLEOH 1RUPDOHPHQW pWDEOLHV VXU XQH EDVH UpJLRQDOH SDU OH SUpIHW GH UpJLRQ FHV OLVWHV VRQW HQ SUDWLTXH GH TXDOLWp LQpJDOH /D PLVVLRQ VXJJqUH OD FUpDWLRQ G¶XQ ILFKLHU QDWLRQDO XQLTXH GHV EpQpILFLDLUHV j SDUWLU GH OLVWHV UpJLRQDOHV KRPRJpQpLVpHV ILFKLHU UHSpUDQW FKDTXH EpQpILFLDLUH SDU XQ FRGH HW H[SORLWDEOH SDU OHV HQWUHSULVHV HW OHV 2&7$ (QILQ OD PLVVLRQ VXJJqUH TXH OHV UHYHUVHPHQWV HIIHFWXpV DXGHOj GX  MXLQ SDU OHV FROOHFWHXUV VRLHQW PDMRUpV G¶XQ LQWpUrW GH UHWDUG  
 
 3DJH    
352)(66,211$/,6(5 /(6 &2//(&7(856  &ODULILHU OHV REOLJDWLRQV HQFDGUDQW OD IRQFWLRQ GH FROOHFWHXU  (Q O¶pWDW DFWXHO GX GURLW OHV FROOHFWHXUV VRQW KDELOLWpV VHORQ GHV SURFpGXUHV GLIIpUHQWHV HW VRXPLV j GHV UqJOHV KpWpURJqQHV /D PLVVLRQ FRQVLGqUH TXH O¶DJUpPHQW GHYUDLW GHYHQLU OD SURFpGXUH XQLTXH G¶KDELOLWDWLRQ GHV FROOHFWHXUV FH TXL SHUPHWWUDLW QRWDPPHQW G¶XQLILHU OHV UqJOHV HQ PDWLqUH GH VHXLO GH FROOHFWH HW G¶XWLOLVDWLRQ GHV IRQGV OLEUHV ¬ GpIDXW OH VHXLO PLQLPDO GH FROOHFWH SRXU rWUH KDELOLWp GHYUDLW rWUH pWHQGX j O¶HQVHPEOH GHV 2&7$ &HWWH H[LJHQFH PLQLPDOH LUDLW GDQV OH VHQV GHV UpIRUPHV GpMj HQJDJpHV TXL YLVHQW j SURIHVVLRQQDOLVHU XQH DFWLYLWp GH FROOHFWH HQFRUH pFODWpH HQWUH HQYLURQ  FROOHFWHXUV DYHF GHV PRQWDQWV GH FROOHFWH SDUIRLV GH TXHOTXHV GL]DLQHV GH PLOOLHUV G¶HXURV  5HQGUH SOXV WUDQVSDUHQWH O¶XWLOLVDWLRQ GHV IRQGV SDU OHV FROOHFWHXUV  /D PLVVLRQ VXJJqUH TXH OHV SODQV FRPSWDEOHV DX[TXHOV VRQW VRXPLV OHV FROOHFWHXUV OHXU IDVVHQW REOLJDWLRQ G¶LGHQWLILHU FRPSWDEOHPHQW HW GqV OHV YHUVHPHQWV OD QDWXUH GHV IRQGV TX¶LOV FROOHFWHQW FRQWULEXWLRQ DX GpYHORSSHPHQW j O¶DSSUHQWLVVDJH SpUpTXDWLRQ TXRWD EDUqPH  /D PLVVLRQ FRQVLGqUH TX¶HVW pJDOHPHQW SHUIHFWLEOH O¶DIIHFWDWLRQ GHV IRQGV OLEUHV F¶HVWj GLUH QRQ SUpDODEOHPHQW DIIHFWpV SDU OHV HQWUHSULVHV j GHV EpQpILFLDLUHV $FWXHOOHPHQW FHV IRQGV VRQW UpSDUWLV GH PDQLqUH ODUJHPHQW GLVFUpWLRQQDLUH SDU OHV FROOHFWHXUV /D PLVVLRQ SURSRVH TXH OHV IRQGV OLEUHV VRLHQW DIIHFWpV GH GURLW DX )1'0$ TXL DVVXUH OD SpUpTXDWLRQ HQWUH UpJLRQV HQ PDWLqUH G¶DSSUHQWLVVDJH ¬ GpIDXW XQH VROXWLRQ GpJUDGpH FRQVLVWHUDLW SRXU OHV FROOHFWHXUV j GpILQLUD SULRULHW SXEOLTXHPHQW OHV FULWqUHV UHWHQXV SRXU O¶DIIHFWDWLRQ GHV IRQGV OHV IRQGV pWDQW HQVXLWH UpSDUWLV VHORQ XQH SURFpGXUH G¶DSSHO j SURMHW DXSUqV GHV EpQpILFLDLUHV (QILQ OHV FRQWU{OHV HIIHFWXpV SDU OHV VHUYLFHV GH O¶eWDW GRQW OHV SUpURJDWLYHV RQW pWp UpFHPPHQW UHQIRUFpHV GHYUDLHQW SRUWHU XQH DWWHQWLRQ SDUWLFXOLqUH j FHWWH H[LJHQFH GH WUDQVSDUHQFH GRQW O¶DEVHQFH GHYUDLW rWUH VDQFWLRQQpH ILQDQFLqUHPHQW HW XOWLPHPHQW SDU O¶DQQXODWLRQ SOHLQ GURLW GH O¶KDELOLWDWLRQ j FROOHFWHU
 
 
 3DJH  
, /¶25*$1,6$7,21 $&78(//( '( /$ &2//(&7( '( /$ 7$;( '¶$335(17,66$*( (67 /285'( (7 &203/(;( 3285 /(6 (175(35,6(6 &200( 3285 /¶$'0,1,675$7,21   $ /$ 7$;( '$335(17,66$*( 6( &$5$&7(5,6( 3$5 81 6<67(0( '(;21(5$7,216 (1 &2856 '( 02',),&$7,21  /D WD[H G¶DSSUHQWLVVDJH HVW SULQFLSDOHPHQW DFTXLWWpH VRXV OD IRUPH GH GpSHQVHV OLEpUDWRLUHV GRQW OH PpFDQLVPH VH UpYqOH FRPSOH[H    /D ORL GH ILQDQFHV SRXU  HW OD ORL GH SURJUDPPDWLRQ SRXU OD FRKpVLRQ VRFLDOH RQW SDUWLHOOHPHQW VLPSOLILp OH GLVSRVLWLI   % /(6 &$5$&7(5,67,48(6 '( /$ 7$;( '$335(17,66$*( 6( 75$'8,6(17 3$5 81 0(&$1,60( '( &2//(&7( (1&25( 3(8 5$7,211(/   /H V\VWqPH GH GRXEOH GpFODUDWLRQ HVW j O¶RULJLQH G¶XQH SURFpGXUH G¶XQH SDUWLFXOLqUH ORXUGHXU  /H SDLHPHQW GH OD WD[H UHVWH PRUFHOp PrPH j O¶LVVXH GHV UpFHQWHV UpIRUPHV    /¶RUJDQLVDWLRQ DFWXHOOH QH JDUDQWLW OD WUDQVSDUHQFH QL GH OD FROOHFWH QL GH O¶HPSORL GHV IRQGV  
,, /(6 35,1&,3$/(6 3,67(6 '( 5$7,21$/,6$7,21 &21&(51(17 /( 6<67(0( '( '(&/$5$7,21 /( &,5&8,7 '( &2//(&7( (7 /$ 352)(66,21$/,6$7,21 '(6 &2//(&7(856   $ $//(*(0(17 '(6 2%/,*$7,216 '(&/$5$7,9(6 (7 /( 75$16)(57 '(6 &21752/(6 $8; 25*$1,60(6 62&,$8; '( 5(&2895(0(17 &2167,78(17 81 35(0,(5 &+$03 '( 5$7,21$/,6$7,21   /D GHPDQGH SUpDODEOH G¶H[RQpUDWLRQ GHV GpSHQVHV OLEpUDWRLUHV SRXUUDLW rWUH VXSSULPpH    /D GpFODUDWLRQ GH OD WD[H G¶DSSUHQWLVVDJH VHUDLW LQFOXVH GDQV OD '$'6   /HV RUJDQLVPHV VRFLDX[ GH UHFRXYUHPHQW SRXUUDLHQW SUHQGUH HQ FKDUJH SOXV HIILFDFHPHQW OH FRQWU{OH D SRVWHULRUL GHV GpFODUDWLRQV GHV HQWUHSULVHV  % /( &,5&8,7 '( &2//(&7( &2167,78( 81 '(8;,(0( &+$03 '( 6,03/,),&$7,21   ,QVWDXUHU XQ VHXLO G¶H[LJLELOLWp DOOpJHUDLW OH FR€W GH SUpOqYHPHQW GH OD WD[H SRXU XQ HIIHW QpJOLJHDEOH VXU VRQ UHQGHPHQW    FRQVLVWHUDLW j VXSSULPHU WRXWH LQWHUPpGLDWLRQ GDQV OD FROOHFWH  8QH RSWLRQ    SWLRQ GH PHWWUH XQ WHUPH j OD ORJLTXH G¶LQWHUPpGLDWLRQ Q¶pWDLW SDV UHWHQXH FKDTXH6L O¶ R HQWUHSULVH SDVVHUDLW SDU XQ JXLFKHW XQLTXH    (Q WRXWH K\SRWKqVH OD '*, SRXUUDLW rWUH UHWLUpH GX FLUFXLW GH FROOHFWH    /HV ERUGHUHDX[ GH YHUVHPHQW DX[ FROOHFWHXUV GRLYHQW rWUH KDUPRQLVpV    /HV YHUVHPHQWV DX[ EpQpILFLDLUHV XOWLPHV SRXUUDLHQW rWUH DFFpOpUpV   & /$ 352)(66,211$/,6$7,21 '(62&7$'2,7 (75( $&&58(   /H UpJLPH G¶KDELOLWDWLRQ GHV 2&7$ GHYUDLW rWUH XQLILp    GHYUDLW rWUH pWHQGX j O¶HQVHPEOH GHV 2&7$ $ GpIDXW OH VHXLO PLQLPDO GH FROOHFWH   /HV REOLJDWLRQV FRPSWDEOHV GHV 2&7$ GRLYHQW SHUPHWWUH GH PLHX[ LGHQWLILHU OHV VRPPHV FROOHFWpHV    /HV IRQGV OLEUHV GHYUDLHQW rWUH DIIHFWpV DX )1'0$ RX j GpIDXW IDLUH O¶REMHW GH FULWqUHV G¶XWLOLVDWLRQ SOXV WUDQVSDUHQWV   7RXW GpYHORSSHPHQW GX U{OH GHV 2&7$ DSSHOOHUDLW XQ UHQIRUFHPHQW GHV FRQWU{OHV VXU OHXU JHVWLRQ   
 
 
, 
 3DJH  
/¶25*$1,6$7,21 $&78(//( '( /$ &2//(&7( '( /$ 7$;( '¶$335(17,66$*( (67 /285'( (7 &203/(;( 3285 /(6 (175(35,6(6 &200( 3285 /¶$'0,1,675$7,21
$ /D WD[H G¶DSSUHQWLVVDJH VH FDUDFWpULVH SDU XQ V\VWqPH G¶H[RQpUDWLRQV HQ FRXUV GH PRGLILFDWLRQ
 /D WD[H G¶DSSUHQWLVVDJH HVW SULQFLSDOHPHQW DFTXLWWpH VRXV OD IRUPH GH GpSHQVHV OLEpUDWRLUHV GRQW OH PpFDQLVPH VH UpYqOH FRPSOH[H
,QVWLWXpH SDU OD ORL GH ILQDQFHV GX  MXLOOHW  OD WD[H G¶DSSUHQWLVVDJH HVW XQH LPSRVLWLRQ DQQH[H VXU OHV VDODLUHV DFTXLWWpH SDU OHV HQWUHSULVHV UHGHYDEOHV GH O¶LPS{W VXU OHV VRFLpWpV RX GRQW OHV DVVRFLpV VRQW LPSRVpV j O¶LPS{W VXU OH UHYHQX DX WLWUH GHV EpQpILFHV LQGXVWULHOV HW FRPPHUFLDX[ %,&  /HV VRFLpWpV GH SHUVRQQHV UHOHYDQW GHV UpJLPHV GHV EpQpILFHV QRQ FRPPHUFLDX[ %1& HW GHV EpQpILFHV DJULFROHV %$ QH VRQW SDV LPSRVDEOHV j OD WD[H G¶DSSUHQWLVVDJH /HV HQWUHSULVHV HPSOR\DQW DX PRLQV XQ DSSUHQWL HW GRQW OD EDVH DQQXHOOH G¶LPSRVLWLRQ j OD WD[H G¶DSSUHQWLVVDJH Q¶H[FqGH SDV VL[ IRLV OH 60,& OHV VRFLpWpV RX DXWUHV SHUVRQQHV PRUDOHV D\DQW SRXU REMHW H[FOXVLI OHV GLYHUV RUGUHV G¶HQVHLJQHPHQW DLQVL TXH OHV JURXSHPHQWV G¶HPSOR\HXUV FRPSRVpV G¶H[SORLWDQWV DJULFROHV RX GH VRFLpWpV FLYLOHV DJULFROHV HX[PrPHV H[RQpUpV GH WD[H G¶DSSUHQWLVVDJH VRQW DIIUDQFKLV GH WD[H G¶DSSUHQWLVVDJH
/D WD[H G¶DSSUHQWLVVDJH HVW DVVLVH VXU OHV UpPXQpUDWLRQV VHORQ OHV PRGDOLWpV HW EDVHV SUpYXHV SRXU O¶DVVLHWWH GHV FRWLVDWLRQV VRFLDOHV DSUqV GpGXFWLRQ WRWDOH RX SDUWLHOOH GHV VDODLUHV GHV DSSUHQWLV GDQV OHV GpSDUWHPHQWV G¶$OVDFH0RVHOOH (OOH HVW OLTXLGpH DX WDX[ GH     /D WD[H HVW QRUPDOHPHQW YHUVpH DXSUqV GHV VHUYLFHV ILVFDX[ 6D SDUWLFXODULWp HVW FHSHQGDQW GH SRXYRLU rWUH DFTXLWWpH SDU GHV GpSHQVHV TXL FRQVWLWXHQW DORUV GHV GpSHQVHV H[RQpUDWRLUHV &HV GpSHQVHV VRQW HIIHFWXpHV DX EpQpILFH GH O¶DSSUHQWLVVDJH RX GH SUHPLqUHV IRUPDWLRQV WHFKQRORJLTXHV HW SURIHVVLRQQHOOHV OLEUHPHQW FKRLVLHV SDU O¶HQWUHSULVH VRXV OD IRUPH 
 GH GpSHQVHV GpMj UpDOLVpHV SDU O¶HQWUHSULVH  SDU H[HPSOH IUDLV GH VWDJH RX ILQDQFHPHQW G¶pFROHV G¶HQWUHSULVH 
 GH YHUVHPHQWV SDU O¶LQWHUPpGLDLUH G¶XQ FROOHFWHXU DX EpQpILFH G¶pWDEOLVVHPHQWV G¶HQVHLJQHPHQW FHQWUHV GH IRUPDWLRQ GHV DSSUHQWLV GHV VHFWLRQV G¶DSSUHQWLVVDJH HW GHV pWDEOLVVHPHQWV GLVSHQVDQW GHV SUHPLqUHV IRUPDWLRQV WHFKQRORJLTXHV HW SURIHVVLRQQHOOHV HQ QXPpUDLUH RX HQ QDWXUH 
                                                     $UW  &*, %DVH DQQXHOOH G¶LPSRVLWLRQ Q¶H[FpGDQW SDV   ¼ SRXU OHV VDODLUHV  $UW   &*, &KDSLWUHV ,HU HW ,, GX WLWUH ,9 GX OLYUH ,, GX FRGH GH OD VpFXULWp VRFLDOH HW WLWUH ,9 GX OLYUH 9,, GX FRGH UXUDO ([RQpUDWLRQ GH OD WRWDOLWp GHV VDODLUHV YHUVpV DX[ DSSUHQWLV ORUVTXH O¶HQWUHSULVH HPSORLH PRLQV GH  VDODULpV  H[RQpUDWLRQ j KDXWHXU GH  GX 60,&  GDQV OHV '20 ORUVTXH O¶HQWUHSULVH HPSORLH  VDODULpV HW SOXV DUW /  & WUDY DUW $ &*, HW DUW , ORL Qƒ  GX  GpFHPEUH   (OOH VH UpGXLW DORUV DX PRQWDQW GX TXRWD DUW % HW 0 &*, EpQpILFH G¶pWDEOLVVHPHQWV GLVSHQVDQW GHV SUHPLqUHV IRUPDWLRQV-XVTX¶HQ  GHV YHUVHPHQWV GLUHFWV pWDLHQW SRVVLEOHV DX WHFKQRORJLTXHV HW SURIHVVLRQQHOOHV
 
 3DJH  
/D WD[H SHXW GRQF rWUH DIIHFWpH SDU O¶HQWUHSULVH DX[ pWDEOLVVHPHQWV GH VRQ FKRL[ FH TXL OXL YDXW SDUIRLV O¶DSSHOODWLRQ © G¶LPS{W OLEHUWp ª $ GpIDXW O¶HQWUHSULVH HIIHFWXH XQ YHUVHPHQW DXSUqV GH OD UHFHWWH GHV LPS{WV GRQW GpSHQG VRQ VLqJH RX VRQ SULQFLSDO pWDEOLVVHPHQW
/D UpDOLVDWLRQ GHV GpSHQVHV OLEpUDWRLUHV GRLW VH FRQIRUPHU j XQH DUFKLWHFWXUH FRPSOH[H UHSRVDQW VXU GHX[ FRPSDUWLPHQWV
/H © TXRWD ª UHSUpVHQWH  GX PRQWDQW GH OD WD[H GXH O¶HQWUHSULVH SDU ,O ILQDQFH OD IRUPDWLRQ GHV DSSUHQWLV SURSUHPHQW GLWH 
 XQH IUDFWLRQ GH  GX TXRWD VRLW  GH OD WD[H RX XQ PRQWDQW pTXLYDOHQW j  GH O¶DVVLHWWH HVW GHVWLQpH j OD SpUpTXDWLRQ HQWUH OHV FHQWUHV GH IRUPDWLRQ GHV DSSUHQWLV HW OHV VHFWLRQV G¶DSSUHQWLVVDJH SDU DERQGHPHQW GX IRQGV QDWLRQDO GH GpYHORSSHPHQW HW GH PRGHUQLVDWLRQ GH O¶DSSUHQWLVVDJH )1'0$   V¶LPSXWH pJDOHPHQW VXU OH TXRWD XQ FRQFRXUV ILQDQFLHU REOLJDWRLUH YHUVp DX &)$ RX j OD VHFWLRQ G¶DSSUHQWLVVDJH TXL IRUPH OH RX OHV DSSUHQWLV GH O¶HQWUHSULVH  HQILQ O¶HQWUHSULVH SHXW HIIHFWXHU DX WLWUH GX TXRWD GHV VXEYHQWLRQV j GHV &)$ HW pFROHV G¶HQWUHSULVHV DLQVL TX¶DX[ FHQWUHV GH IRUPDWLRQ SURSUHV DX VHFWHXU GHV EDQTXHV HW GHV FH DVVXUDQ V
/H © KRUVTXRWD ª UHSUpVHQWH OHV  UHVWDQWV ,O FRQWULEXH DX ILQDQFHPHQW GHV © SUHPLqUHV IRUPDWLRQV WHFKQRORJLTXHV HW SURIHVVLRQQHOOHV ª /HV © SUHPLqUHV IRUPDWLRQV WHFKQRORJLTXHV HW SURIHVVLRQQHOOHV ª DX[TXHOOHV IDLW UpIpUHQFH OD ORL Qƒ  GX  MXLOOHW  FRUUHVSRQGHQW j OD IRUPDWLRQ LQLWLDOH SDU RSSRVLWLRQ j OD IRUPDWLRQ FRQWLQXH GHV VDODULpV /H KRUVTXRWD GRLW rWUH UpSDUWL HQWUH WURLV FDWpJRULHV G¶HQVHLJQHPHQW RXYULHUV HW HPSOR\pV  FDGUHV PR\HQV  FDGUHV VXSpULHXUV  /D UpSDUWLWLRQ HQWUH FHV WURLV FDWpJRULHV V¶HIIHFWXH VHORQ OH EDUqPH DSSOLFDEOH j OD EUDQFKH GRQW UHOqYH O¶HQWUHSULVH /HV SRXUFHQWDJHV GH FHV FDWpJRULHV SHXYHQW rWUH SDUWLHOOHPHQW RX WRWDOHPHQW FXPXOpV DX SURILW G¶XQH VHXOH GH FHV FDWpJRULHV
 /D ORL GH ILQDQFHV SRXU  HW OD ORL GH SURJUDPPDWLRQ SRXU OD FRKpVLRQ VRFLDOH RQW SDUWLHOOHPHQW VLPSOLILp OH GLVSRVLWLI
/D ORL GH ILQDQFHV SRXU  HW OD ORL Qƒ  GX  MDQYLHU  GH SURJUDPPDWLRQ SRXU OD FRKpVLRQ VRFLDOH RQW PRGLILp O¶DUFKLWHFWXUH GX V\VWqPH /D ORL GH ILQDQFHV SRXU  FUpp XQH FRQWULEXWLRQ DX GpYHORSSHPHQW GH D O¶DSSUHQWLVVDJH &'$  /D &'$ HVW DVVLVH VXU OD PrPH EDVH TXH OD WD[H G¶DSSUHQWLVVDJH (OOH HVW  YHUVpH DX WDX[ GH  HW DFTXLWWpH VRLW SDU O¶LQWHUPpGLDLUH G¶XQ 2&7$ VRLW SDU XQ YHUVHPHQW GLUHFW j OD UHFHWWH GHV LPS{WV GX VLqJH GH O¶HQWUHSULVH RX GH VRQ SULQFLSDO pWDEOLVVHPHQW /D &'$ HVW XQH FRQWULEXWLRQ VXSSOpPHQWDLUH j OD WD[H G¶DSSUHQWLVVDJH HW QH SHXW GRQF rWUH DFTXLWWpH VRXV IRUPH GH                                                      3ULQFLSH SRVp SDU OH GpFUHW GX  DYULO  DUW  HW   SRXU OHV '20  OHV HQWUHSULVHV G¶$OVDFH0RVHOOH QH VRQW UHGHYDEOHV TXH GX VHXO TXRWD -XVTX¶j OD FROOHFWH  $UW /  HW 5  & WUDY $UW /  &WUDY MDQYLHU  V¶HVW VXEVWLWXp DX IRQGV&H IRQGV FUpp SDU OD ORL Qƒ  GH SURJUDPPDWLRQ SRXU OD FRKpVLRQ VRFLDOH GX  QDWLRQDO GH SpUpTXDWLRQ GH OD WD[H G¶DSSUHQWLVVDJH & WUDY HW DUW  ELV &*,$UW / $UW / & WUDY   DYULO  SRUWDQW EDUqPHV GXGX  MXLOOHW  GpFUHW Qƒ  GX  DYULO  HW DUUrWp$UW  GH OD ORL Qƒ  GH UpSDUWLWLRQ GHV GpSHQVHV HQ YXH GHV H[RQpUDWLRQV DX WLWUH GH OD WD[H G¶DSSUHQWLVVDJH OHXU FRGH 1$) /D UqJOH GX EDUqPH QH ,O H[LVWH WURLV EDUqPHV GLIIpUHQWV DSSOLFDEOHV DX[ HQWUHSULVHV HQ IRQFWLRQ GH V¶DSSOLTXH SDV ORUVTXH OH PRQWDQW GH OD WD[H Q¶H[FqGH SDV ¼ /RL Qƒ  GX  GpFHPEUH  DUWLFOH   DUW  TXLQTXLHV &*, /H WDX[ GH OD &'$ GRLW PRQWHU HQ SXLVVDQWH   HQ  HW  HQ  /D WD[H HVW YHUVpH j OD UHFHWWH GHV LPS{WV HQ FDV GH YHUVHPHQW KRUVGpODL PDMRUpH G¶XQH SpQDOLWp
 
 3DJH  
GpSHQVHV OLEpUDWRLUHV (OOH HVW GHVWLQpH j DERQGHU OHV IRQGV UpJLRQDX[ GH O¶DSSUHQWLVVDJH HW GH OD IRUPDWLRQ SURIHVVLRQQHOOH HQ FRPSHQVDWLRQ G¶XQH GLPLQXWLRQ GH OD GRWDWLRQ JOREDOH GH GpFHQWUDOLVDWLRQ YHUVpH SDU O¶(WDW DX[ UpJLRQV
3DUDOOqOHPHQW OH GLVSRVLWLI GH OD WD[H G¶DSSUHQWLVVDJH D pWp VLPSOLILp SDU OD VXSSUHVVLRQ GH SOXVLHXUV FKHIV G¶H[RQpUDWLRQ TXL YHQDLHQW V¶LPSXWHU VXU OH PRQWDQW GH OD WD[H DIIHFWp DX KRUV TXRWD 1H VXEVLVWHURQW SOXV HQ  TXH GHV IUDLV OLpV j O¶pTXLSHPHQW GHV pFROHV G¶HQWUHSULVH j GHV DFWLYLWpV OLpHV j O¶RULHQWDWLRQ HW j O¶LQIRUPDWLRQ VXU OHV PpWLHUV DLQVL TX¶j OD SULVH HQ FKDUJH GH IUDLV GH VWDJHV &HV PHVXUHV GRLYHQW SHUPHWWUH G¶DFFURvWUH OHV UHVVRXUFHV FRQVDFUpHV j O¶DSSUHQWLVVDJH (Q FRQWUHSDUWLH GH O¶DXJPHQWDWLRQ GH O¶HIIRUW GHPDQGp DX[ HQWUHSULVHV SDU OD FUpDWLRQ GH OD &'$ HW OD VXSSUHVVLRQ GH FHV FKHIV G¶H[RQpUDWLRQ OHV HQWUHSULVHV HPSOR\DQW GHV DSSUHQWLV EpQpILFLHQW G¶XQ FUpGLW G¶LPS{W GH  ¼ SDU DSSUHQWL /HV FKHIV G¶H[RQpUDWLRQ DX WLWUH GX KRUV TXRWD &ROOHFWH  &ROOHFWH  &ROOHFWH  i)UDLV GH IRQFWLRQQHPHQW GHVi)UDLV GH IRQFWLRQQHPHQW GHVi)UDLV GH IRQFWLRQQHPHQW GHV &)$ HW pFROHV G¶HQWUHSULVH  &)$ HW pFROHV G¶HQWUHSULVH  &)$ HW pFROHV G¶HQWUHSULVH  pTXLSHPHQW FRPSOpPHQWDLUH pTXLSHPHQW FRPSOpPHQWDLUH pTXLSHPHQW FRPSOpPHQWDLUH i)UDLV UHODWLIV DX[ DFWLYLWpVi)UDLV UHODWLIV DX[ DFWLYLWpVi)UDLV UHODWLIV DX[ DFWLYLWpV FRPSOpPHQWDLUHV GHV SUHPLqUHV FRPSOpPHQWDLUHV GHV SUHPLqUHV FRPSOpPHQWDLUHV GHV SUHPLqUHV IRUPDWLRQV WHFKQRORJLTXHV HW IRUPDWLRQV WHFKQRORJLTXHV HW IRUPDWLRQV WHFKQRORJLTXHV HW SURIHVVLRQQHOOHV LQIRUPDWLRQ HW SURIHVVLRQQHOOHV  LQIRUPDWLRQ HW SURIHVVLRQQHOOHV  LQIRUPDWLRQ HW RULHQWDWLRQ QRWDPPHQW  RULHQWDWLRQ QRWDPPHQW  RULHQWDWLRQ QRWDPPHQW   i6DODLUHV GHV PHPEUHV GH    MXU\   i'pSHQVHV GH IRUPDWLRQ GHV  PDvWUHV G¶DSSUHQWLVVDJH  i%RXUVHV G¶pWXGHVi%RXUVHV G¶pWXGHV i)UDLV GH VWDJH PD[LPXPi)UDLV GH VWDJH PD[LPXP i)UDLV GH VWDJH PD[LPXP   GH OD WD[H  GH OD WD[H  GH OD WD[H i)UDLV GH FKDPEUH FRQVXODLUH  
/D VXSSUHVVLRQ GHV H[RQpUDWLRQV SRXU IUDLV GH FKDPEUH FRQVXODLUH D FHSHQGDQW GRQQp OLHX ORUV GH OD FROOHFWH  j XQH PpFDQLTXH FRPSOLTXpH &H GLVSRVLWLI WUDQVLWRLUH GH IOpFKDJH GHV UHFHWWHV FRUUHVSRQGDQW DX[ VXSSUHVVLRQV G¶H[RQpUDWLRQ VHUD UHPSODFp j SDUWLU GH OD FROOHFWH  SDU XQH QRXYHOOH UpSDUWLWLRQ GH OD WD[H HQWUH TXRWD HW KRUV TXRWD  OH TXRWD VHUD SRUWp j  GH OD WD[H HW OH KRUV TXRWD j  $X VHLQ GX TXRWD OD SDUW GH O¶DERQGHPHQW DX )1'0$ VHUD SRUWpH j  GH OD WD[H /D UpIRUPH YLVH GRQF j DFFURvWUH OD SDUW GH OD WD[H DIIHFWpH DX GpYHORSSHPHQW GH O¶DSSUHQWLVVDJH SURSUHPHQW GLW
/D ORL GH SURJUDPPDWLRQ SRXU OD FRKpVLRQ VRFLDOH OH GpFUHW Qƒ  GX  HW RFWREUH  RQW pJDOHPHQW PRGLILp O¶DUFKLWHFWXUH GH OD WD[H /¶DIIHFWDWLRQ GHV GpSHQVHV DX WLWUH GX KRUV TXRWD D pWp VLPSOLILpH $LQVL OHV WURLV EDUqPHV GpWHUPLQDQW O¶DIIHFWDWLRQ GHV GpSHQVHV HQWUH OHV WURLV FDWpJRULHV GX KRUV TXRWD RQW pWp UHPSODFpV SDU XQH VHXOH HW XQLTXH © UpSDUWLWLRQ ª GHV GpSHQVHV VXU OD EDVH GHV © QLYHDX[ GH IRUPDWLRQ ª
                                                     $UW  ORL GH SURJUDPPDWLRQ SRXU OD FRKpVLRQ VRFLDOH  DUW /  & WUDY  ¼ VL O¶DSSUHQWL HVW KDQGLFDSp RX EpQpILFLH G¶XQ DFFRPSDJQHPHQW SHUVRQQDOLVp µDUW /  & WUDY $UW /  & WUDY $UW /  & WUDY  'pFUHW Qƒ  GX  RFWREUH  DUW  GH OD ORL
 
 3DJH  
$X WRWDO OH GLVSRVLWLI GH ILQDQFHPHQW GH O¶DSSUHQWLVVDJH FRPSUHQGUD GRQF OHV pOpPHQWV VXLYDQWV j FRPSWHU GH OD FROOHFWH  
 OD FRQWULEXWLRQ DX GpYHORSSHPHQW GH O¶DSSUHQWLVVDJH FRUUHVSRQGDQW j XQ LPS{W  FODVVLTXH
 OD WD[H G¶DSSUHQWLVVDJH HOOHPrPH GpFRPSRVpH HQWUH 
 OH TXRWD VRLW  GH OD WD[H GRQW  DERQGHURQW OH )1'0$  OH KRUVTXRWD VRLW  GH OD WD[H VHORQ XQH UpSDUWLWLRQ VLPSOLILpH
% /HV FDUDFWpULVWLTXHV GH OD WD[H G¶DSSUHQWLVVDJH VH WUDGXLVHQW SDU XQ PpFDQLVPH GH FROOHFWH HQFRUH SHX UDWLRQQHO
/D FRPSOH[LWp GH OD WD[H HVW DVVRUWLH G¶XQ PpFDQLVPH GH FROOHFWH SHX UDWLRQQHO HW TXL SUpVHQWH GH PXOWLSOHV PRGDOLWpV GH YHUVHPHQW YDULDEOHV VHORQ OD IUDFWLRQ GH OD WD[H FRQFHUQpH /H V\VWqPH DFWXHO Q¶RIIUH TX¶XQH YLVLELOLWp OLPLWpH VXU OHV IRQGV FROOHFWpV HW VXU OHXU DIIHFWDWLRQ HQ PrPH WHPSV TX¶LO HVW FRPSOLTXp HW FRQWUDLJQDQW SRXU OHV HQWUHSULVHV
 /H V\VWqPH GH GRXEOH GpFODUDWLRQ HVW j O¶RULJLQH G¶XQH SURFpGXUH G¶XQH SDUWLFXOLqUH ORXUGHXU
/HV HQWUHSULVHV UHGHYDEOHV GH OD WD[H VRQW WRXW G¶DERUG WHQXHV DX[ WHUPHV GHV DUWLFOHV  HW  GX &RGH JpQpUDO GHV LPS{WV GH GpSRVHU DYDQW OH  PDL GH FKDTXH DQQpH DXSUqV GH OD UHFHWWH GHV LPS{WV GH OHXU VLqJH RX GH OHXU SULQFLSDO pWDEOLVVHPHQWXQH GpFODUDWLRQ GH OD WD[H G¶DSSUHQWLVVDJH GLWH © GpFODUDWLRQ Qƒ  ª  &HWWH GpFODUDWLRQ GRLW rWUH DVVRUWLH GX YHUVHPHQW GH OD WD[H HWRX G¶XQH GHPDQGH G¶H[RQpUDWLRQ DX WLWUH GHV GpSHQVHV HIIHFWXpHV /HV GHPDQGHV G¶H[RQpUDWLRQV VRQW HQVXLWH WUDLWpHV SDU XQH FRPPLVVLRQ LQVWLWXpH O¶HPSORL FRPLWpV GpSDUWHPHQWDX[ GH GHV DX VHLQ /HV HQWUHSULVHV VRQW GRQF DVWUHLQWHV j XQH GRXEOH GpFODUDWLRQ /¶H[DPHQ GHV GHPDQGHV G¶H[RQpUDWLRQ OHV PHW GH VXUFURvW GDQV XQH VLWXDWLRQ G¶LQFHUWLWXGH FRPSWH WHQX GX GpODL GH WUDLWHPHQW GH FHV GHPDQGHV
(Q SUDWLTXH FHWWH SURFpGXUH HVW FRQWUDLJQDQWH SRXU O¶HQVHPEOH GHV LQWHUYHQDQWV FRQFHUQpV (OOH HVW ORXUGH SRXU OHV HQWUHSULVHV FRPSWH WHQX GH OD FRPSOH[LWp GH OD OpJLVODWLRQ FH TXL OHV FRQGXLW WUqV VRXYHQW j PDQGDWHU SRXU OD GpFODUDWLRQ XQ RUJDQLVPH FROOHFWHXU TXL FXPXOH DORUV OH U{OH GH FROOHFWHXU HW GH GpFODUDQW (OOH LPSOLTXH XQH FKDUJH LPSRUWDQWH PDLV j IDLEOH YDOHXU DMRXWpH SRXU OHV UHFHWWHV GHV LPS{WV FKDUJpHV GH SURFpGHU DX GpOLDVVDJH GHV GpFODUDWLRQV HW j O¶HQYRL GHV GHPDQGHV G¶H[RQpUDWLRQ DX[ FRPLWpV GpSDUWHPHQWDX[ GH O¶HPSORL ,O HQ YD GH PrPH SRXU O¶H[DPHQ GHV GHPDQGHV G¶H[RQpUDWLRQV SDU OHV FRPLWpV GpSDUWHPHQWDX[ GH O¶HPSORL TXL DERXWLVVDLHQW HQ  j GHV UHMHWV UHSUpVHQWDQW PRLQV GH  GX PRQWDQW EUXW GH OD WD[H G¶DSSUHQWLVVDJH
 PRUFHOp PrPH j O¶LVVXH GHV UpFHQWHV UpIRUPHV/H SDLHPHQW GH OD WD[H UHVWH
/H SDLHPHQW GH OD WD[H HW GH OD &'$ SHXW rWUH HIIHFWXp VHORQ GH PXOWLSOHV PRGDOLWpV FI VFKpPD HQ DQQH[H Qƒ  ,O SHXW rWUH HIIHFWXp VRLW SDU GHV GpSHQVHV GLUHFWHV GH O¶HQWUHSULVH VRLW SDU OH ELDLV G¶XQ YHUVHPHQW DXSUqV G¶XQ RX GH SOXVLHXUV 2&7$ VRLW GLUHFWHPHQW DXSUqV GH OD UHFHWWH GHV LPS{WV 
                                                      GHSXLV OD FDPSDJQH  DXSUqV GH OD GLUHFWLRQ GHV JUDQGHV HQWUHSULVHV '*( SRXU OHV VRFLpWpV UHOHYDQW GH VD 2X FRPSpWHQFH IL[pH SDU O¶DUWLFOH  GH D ORL Qƒ  GX  MXLOOHW  TXL$UW '  & WUDY /D FRPSRVLWLRQ GH OD FRPPLVVLRQ HVW GLVSRVH TX¶HOOH FRPSUHQG ©GHV UHSUpVHQWDQWV GH O¶DGPLQLVWUDWLRQ GHV UHSUpVHQWDQWV GHV SURIHVVLRQV GHV IDPLOOHV GHV pWDEOLVVHPHQWV G¶HQVHLJQHPHQW HW GHV SHUVRQQDOLWpV TXDOLILpHV ª /HV PHPEUHV GH OD FRPPLVVLRQ VRQW GpVLJQpV SDU DUUrWp SUpIHFWRUDO /¶H[DPHQ GHV GHPDQGHV G¶H[RQpUDWLRQ HVW HQ SUDWLTXH DVVXUp VRLW SDU OHV VHUYLFHV SUpIHFWRUDX[ VRLW SDU OHV VHUYLFHV DFDGpPLTXHV $UW  GX GpFUHW Qƒ  GX  DYULO